Molson Coors Brewing Co.
TAP, -1.94%
disclosed Tuesday that after discussions between its audit committee and its independent accounting firm PricewaterhouseCoopers LLP, the financial statements for the years ended December 2016 and December 2017 should no longer be relied on and should be restated. Shares of the beer brewer sank 6.7% in premarket trade, as the company also reported fourth-quarter earnings that beat expectations but sales that missed. The company said it identified errors in accounting for income taxes related to deferred tax liabilities for its partnership with MillerCoors LLC. The company said the errors included in its quarterly filings are not material. Molson Coors determined that a "material weakness" existed in its internal control over financial reporting as of Dec. 31, 2018, and determined the control "was not effective." The stock has slipped 0.2% over the past three months, while the S&P 500
SPX, +0.23%
has eased 0.6%.

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